Number of Bitcoin Cash Whales Drop Following 39% Price Surge

Hey friend, welcome back! Hope you are doing fine in keeping track of all the important information regarding today’s world. Since coronavirus has hit the globe and affected the world economy, the tension has risen amongst every small and big businessman due to the ongoing threat to their businesses. 

Investments are one major asset to prevent a person from falling into the clutches of financial crises. Financial crises have made everyone smart enough to at least have some kind of investment to secure their future.

Bitcoin’ has become one such important means of investment as it is the fifth-largest crypto asset by market capitalization with an estimated worth of $5.6 billion.

We had earlier briefed you about what is Bitcoin and also about a UK based company called ‘Whales’ that has the maximum number of bitcoin holdings in the world but according to research, at least 10 Bitcoin Cash whales have left the network, possibly trading or selling their millions in holdings. 

Talking about why Whales dropped the number of bitcoin cash after the 39% price surge, Ali Martinez who is a crypto Twitter user tells that data from ‘sentiment feed’, a data analytical site, shows that the number of investors holding bitcoin cash between 10,000-1,00,000 that is roughly estimated to $3-30 million, had fallen by 10 since august 1.

The drop comes after the token surged 38.7% from $224.46 on July 17 to a three-month high of $311.34 on July 31, indicating that whales could have sold a number of their holdings.

Check out the link given below to read the original tweet along with a pictorial graph given by the expert to get a clear understanding of the matter

Economics and finances are sometimes difficult to understand but we try our best to explain everything in an easy yet detailed manner. We hope that now you have got the answer to why and how much of Bitcoin Cash Whales Dropped.

So many things are happening right now and we have to report everything to our readers so that they always stay up to date. 

We are leaving right now so that we can get back to you again with some new and interesting news updates that is important for you to know. 

Until then, stay tuned and stay safe.

Read more: JPMorgan: Bitcoin is the # 1 choice of young investors

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